![What Goes Around Comes Around](https://i0.wp.com/heisenbergreport.com/wp-content/uploads/2023/03/YellenVignetteMar2023.jpg?fit=1170%2C693&ssl=1)
What Goes Around Comes Around
The term premium's almost positive again.
Stop press, I know.
The term premium's like The Masters: Hugely important, but highly conducive to drowsiness if you engage with it from a comfortable chair in the afternoon. R-star's in the same category.
I bring it up because some strategists are drawing a parallel between April of 2024 and August of 2023, where that means equities are suddenly aware of a re-pricing in rates which threatens to push bond yields to cycle highs.
Back then (i.e., last